Will Ethereum [ETH] take a bullish turn with ShanghaiUpgrade around the corner?
In anticipation of the Shanghai Upgrade, the Ethereum ecosystem recorded a spurt in staking activity. As per data from Glasssnode, the total value staked and the number of stakers rose steadily over the past few weeks.
At the time of writing, more than 16 million ETH were locked in the network’s smart contracts, representing a growth of 6% since the start of 2023.The other reason behind the growth in staking could be the jump in validators’ revenue. As per Staking rewards, the revenue surged almost 40% over the last 30 days, incentivizing users to participate in staking activity.ETH dipped below $1600 at press time, data fromshowed.
Having said that, big addresses were bullish on ETH’s price, which was evidenced by the increasing supply held by top addresses. The dip in total supply on exchanges lent more credence to the accumulation idea. The 30-day MVRV Ratio went into negative territory, indicating that sales won’t give back profits to ETH holders. This could keep selling activity in check and pump ETH’s price in the days to come.
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